Major commodity traders are predicting a possible return of oil prices to $100 a barrel. The price of oil, in their view, will be affected by a slowdown in investment in new supply amid peak demand. The world's largest commodity traders do not rule out a rise in oil prices to $100 per barrel. They stated this at the conference FT Commodities Global Summit, reports Financial Times. The cost of...

International rating agency Fitch Ratings has improved its forecast for global GDP growth in 2021 to 6.3% from the 6.1% expected in March, the agency said in its June GEO - World Economic Outlook. "Incoming data, an earlier opening of the services sector in the US and Europe, and the impact of support measures underpin the revision," the agency said in a statement. Global GDP growth will slow to...

Global oil demand will rise to 100.6 million barrels per day (bpd) by the end of 2022, thereby returning to pre-pandemic levels, according to a June report from the International Energy Agency (IEA). This is the agency's first forecast for next year. Demand growth is expected to be 5.4 mln bpd in 2021 and 3.1 mln bpd in 2022. Last year, oil consumption in the world fell by 8.6 mln bpd amid the...

Americans' assets (excluding debt) reached a record $154.2 trillion at the end of the first quarter of this year. Such data is posted on the US Federal Reserve's website. Their combined wealth increased by $26.3 trillion compared with the end of March last year, when the coronavirus pandemic began. In quarterly terms, Americans' wealth increased by $5.2 trillion. Individuals owed $17.2 trillion...

The European Central Bank (ECB) expects a major acceleration of economic growth in the 19-country eurozone in the second half of this year, the governor, Christine Lagarde, said. Eurozone real GDP fell 0.3% in the first quarter of this year and was 5.1% down to its pre-crisis level for Q4 2019, she said. Various surveys and indicators hint at the possibility of a significant recovery in business...

Chinese exports were up nearly 28 per cent in dollar terms in May from a year earlier. Imports soared 51.1 per cent, a record since 2010. The trade surplus for the month was $45.5 billion. The country has embarked on a trade boom, Bloomberg wrote. Overseas demand for Chinese goods is rising as global economies emerge from months of isolation, fueling consumer spending. A strong recovery has...

China's trade surplus, however, still rose during the month from $43 billion to $46 billion. Most of the import dynamics is due to the low base effect, and the surplus growth looks quite low compared to previous years, notes Capital Economics. Overall, May saw a sharp increase in China's food imports, particularly soybeans (from Brazil, not the US, with whom a trade deal is in place), while oil...

OPEC expects Iran's future oil production growth to be transparent and orderly, keeping the market stable, OPEC Secretary General Mohammed Barkindo said in a statement on the organisation's website. "We anticipate that the expected return of Iranian (oil) production and exports to the world market will take place in an orderly and transparent manner, thereby maintaining the relative stability we...

Total G20 exports in the first quarter of 2021 rose 8 percent to $4.01 trillion from the fourth quarter of 2020, and imports rose 8.1 percent to $3.97 trillion, the OECD said. In the fourth quarter, these figures rose to 7.5% and 7.2% from the previous period, respectively. Trade growth in the first quarter of this year was fuelled, among other things, by higher prices for agricultural...